The global e-cigarette (electronic cigarette) market is expected to witness a CAGR of 16.6% during the forecast period, to reach $27,670 million by 2022.
Growing health awareness, advancement in electronic device technology, smoke & ash less vaping are some of the factors driving the growth of the global e-cigarette market. In addition, change in lifestyle, e-commerce and various mergers & acquisitions between e-cigarette providers are some trends observed in the global e-cigarette market. Based on product, the rechargeable e-cigarettes held the largest market globally during 2012 - 2015. The rechargeable e-cigarette with its growing demand and popularity is further expected to create opportunity for the market growth.
The increasing number of mergers and acquisitions, shift from traditional tobacco to next generation tobacco products and trend of quitting tobacco cigarettes are some of the key trends observed in the global e-cigarette market. The new entrants are also offering innovative e-cigarette devices, which is luring smokers to adopt such tobacco alternatives.
With growing popularity of e-cigarettes, flavor and fragrance vendors are fusing and introducing a large variety of flavors to attract e-cigarette manufacturers. Different flavors such as menthol, mint, chocolate, cola, bubble gum, and fusions of other fruits and flavoring substances are luring large number of consumers who are adopting e-cigarette. The trend is expected to continue and contribute to the growth of the global e-cigarette market.
The global e-cigarette market is driven by factors such as growing health awareness, smoke & ash less vaping, increasing number of vape stores, social acceptability and innovation in device technology.
Continuous rise in development and innovations of e-cigarette and vapor technology is further driving the growth of market. This is due to the fact that e-cigarette is a safer alternative to traditional cigarette, which causes reduced health issues as compared to tobacco smoking.
Companies such as Vaporfi have set up exclusive vape stores globally, including Americas, Europe and Asia, to sell their products directly to their customers. Smokers are more attracted towards specialty stores which helps consumers knowing about the available variety of flavors and new e-cigarette devices. Such outlets and designated stores help creating demand for various vaping products offered by individual providers. Moreover, continuous development in e-cigarette technology is further supporting the growth of the global e-cigarette market. Tobacco manufacturers are rapidly focusing on new technology development to make their products stand ahead of their competitors. This has created significant importance for e-cigarette vendors to invest more in technology to sustain in the competitive space. Major tobacco companies are entering into agreements with providers of technology & innovation in e-cigarettes. With such agreements, companies aim to enhance their products in line with the ongoing technological changes and consumer behavior.
Some of the key players in the global e-cigarette market are Philip Morris International, Reynolds American, VMR products, Japan Tobacco Inc, Altria Group Inc. and British American Tobacco.
Trends In The E-Cigarette Market
Change In Lifestyle And Preferences
Introduction Of Various Flavors & Fragrances
Sales Through E-Commerce
Increasing Research And Development In Technology
Merger And Acquisition
Opportunities In The Market
Consumer's Shift Toward Tobacco Alternatives
Untapped Market In Emerging Economies
Investment And Franchising
Factors Driving The Growth Of Market And Its Impact On Market Forecast
Growing Health Awareness
Smoke And Ash Less Vaping
Increasing Number Of Vape Shops And Designated Stores
Product Innovation And Advancement In Device Technology
Socially Acceptable And Environment Friendly
Impact Analysis Of Drivers On Market Forecast
Factors Hindering The Growth Of Market And Its Impact On Market Forecast